Mediobanca defends moving up shareholder vote on Banca Generali bid to August 21, citing need for investors to choose best option for the bank. The bid aims to create Italy’s second largest wealth manager, countering a takeover bid from Monte dei Paschi di Siena. Shareholder decision postponed from June to August due to potential defeat.

Mediobanca presents Banca Generali bid as a preferred alternative to Monte dei Paschi’s proposed acquisition, emphasizing the unique opportunity it offers. The board deems the MPS proposal as financially and strategically inadequate. To fund the acquisition, Mediobanca plans to tender its 13% stake in Generali, with Generali receiving its own shares back as payment.

Italy’s Caltagirone group, a major Mediobanca shareholder, criticizes the vote, calling it a “blank check” due to missing details on key terms of the accord. Mediobanca clarifies that it aims to extend the current agreement between Generali and Banca Generali to include the new merged entity. The bank asserts that the agreement reflects existing terms known to Generali’s shareholders.

Read more at Yahoo Finance: Mediobanca says next week’s vote needed for investors to have a choice